11-13 minutes - Source: NYT
Stock market rally fizzles as investor worries grow.European markets were lower on Tuesday, as a rally that started on Wall Street and continued in Asia appeared to lose traction. Worries about the pace of the recovery from the coronavirus pandemic overcame enthusiasm over a potential new vaccine and other developments.
Mnuchin and Powell to face questions over rescue programs.
Pandemic forces 7-Eleven to let stores in Japan reduce hours.
The economic collapse may have a big impact on young people.
Poor countries borrowed billions from China, but can’t pay the money back.
‘Way too late’: Inside Amazon’s biggest outbreak.
Catch up: Here’s what else is happening.
- Thai Airways, Thailand’s flagship carrier, announced on Tuesday that it would go through a reorganization in bankruptcy court. The airline, which is majority owned by the government, stopped all flights in April in response to travel restrictions to limit the spread of the virus. The government is stepping in to help the airline restructure so that it doesn’t go bankrupt and cost the jobs of 22,000 people, Prime Minister Prayuth Chan-ocha told reporters. The airline said it would “resume operations once the Covid-19 situation subsides.”
- A prolonged global recession is the top near-term worry among leaders in risk management, according to a report published on Tuesday by the World Economic Forum. The report relied on surveys of 350 risk professionals, who also listed high unemployment, another outbreak and protectionism among their fears in the next 18 months.
- Uber said on Monday that it had laid off 3,000 employees, closed 45 of its global offices and reorganized several of its secondary businesses as the coronavirus caused an 80 percent downturn in its ride-hailing business. Uber has also cut back its food delivery service, Uber Eats, in several countries where it was not successful and sold its bike and scooter arm, Jump. The company has laid off about 25 percent of its work force over the last month.